HBL becomes signatory of UN responsible banking

KARACHI: HBL has become an official signatory of the UN principles for responsible banking (PRB), developed through collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI), a statement said on Monday.

The PRB is a single framework for the development of a sustainable banking industry. As part of its commitments as a PRB signatory, HBL has also chosen to join the net-zero banking alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide. The NZMA is committed to align lending and investment portfolios with net-zero emissions by 2050 and setting interim targets for 2030 or sooner, in line with the most ambitious temperature goals set by the Paris Climate Agreement.

HBL President and CEO Muhammad Aurangzeb said, “We are promoting sustainable practices within the HBL community and across the financial services industry. HBL is following the path that has been defined by the AKDN Environment and Climate Change Commitment, envisaging a net zero goal by 2030.”

He said that through the commitment as signatories to NZBA and PRB, HBL was setting a new standard for sustainable banking in Pakistan. “UNEP FI's expertise and resources are essential to achieving our ambitious goals, and we are confident that our partnership will help us accelerate the transition to a net zero economy and build a more sustainable future for all.” The principles for responsible banking are the world’s foremost sustainable banking framework. Through the principles, banks take action to align their core strategy, decision-making, lending and investment with the UN Sustainable Development Goals, and international agreements such as the Paris Climate Agreement.